Institution for Savings buys Rockport National Bank

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Wicked Local

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Posted Apr. 16, 2014 at 12:10 PM
Updated Apr 16, 2014 at 12:25 PM

Posted Apr. 16, 2014 at 12:10 PM
Updated Apr 16, 2014 at 12:25 PM

NEWBURYPORT

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The Newburyport-based Institution for Savings has agreed to acquire Rockport National Bancorp, Inc., the parent company of Rockport National Bank, in an all-cash transaction valued at approximately $28.3 million. Institution for Savings will be the surviving bank. Under the agreement, shareholders of Rockport National Bancorp, Inc. will receive $138.58 in cash in exchange for each share of Rockport common stock.

Additionally, the Institution for Savings will fund a charitable foundation in the amount of $2 million for the benefit of nonprofit organizations in the Cape Ann community.

"We are committed to remaining a mutually owned regional savings bank and Cape Ann and Beverly are a natural extension to our existing banking offices," said Michael J. Jones, chairman, president and CEO of Institution for Savings. "We will continue to offer the best products and customer service in the marketplace while retaining a talented team of employees and recruiting the best banking professionals in the industry. "

"The Institution for Savings has had a rich tradition of stability and charitable giving since 1820. Our four contiguous retail banking offices will provide a powerful geographic footprint for the Institution for Savings on Cape Ann and Beverly," said Michael Shea, vice chairman of the board of directors of Rockport.

The combined bank will have 11 full-service offices in Salisbury, Newburyport, Rowley, Topsfield, Ipswich, Beverly, Rockport and Gloucester and $1.6 billion in deposits. Additionally, the Bank will have retail offices in five high schools: Newburyport, Triton Regional, Ipswich, Masconomet Regional and Beverly.

Institution for Savings has 130 full-time employees and seven offices. Rockport has 46 full-time employees and four offices.

Any Rockport shareholder who has questions about the proposed acquisition should contact Morrow & Company, Rockportís proxy solicitation agent, toll-free at 877-366-1578.